What We All Want
Joe Biden continued a half-century tradition of American presidents making a hajj to Riyadh to ask the House of Saud to keep the oil taps fully open. It's sort of pathetic, but then don't let Hollywood or rock and roll convince you otherwise, junkies of any sort are a pathetic lot and deal with a lot of unsavory people.
The real question is how much oil is left in those Saudi fields, hell, they're older than Joe. The Sauds have claimed for years they can pump 12 million barrels a day (mbd), but they never have. If you believe their numbers, maybe they pumped a little over 11 a few years ago. They're currently producing 10.5 mbd. So how much more can be pumped from under the sands of Arabia is questionable – not a lot.
Funny with this latest oil “spike,” there's almost no discussion on the geologic limits to oil. Global oil discoveries peaked sixty years ago, forty years ago the world started consuming more than we replaced, and last year, new discoveries were the lowest in 75 years.
It takes a lot of money to find even a little new oil. It's not like Jedd Clampett shooting at squirrels out back or Ibn Saud contracting a Standard Oil of California engineer, who then found the largest oil field ever.
What's most sad about America's elite is as things continue to fail, they just double down, after all, it's always worked before. Be proud America.